证券研究报告 | 金融工程 gszqdatemark 2025 11 21 年 月 日 量化分析报告 政策、估值、出海三重共振——华夏中证生物科技主题 ETF 基金 投资价值分析 创新药领域：需求驱动与政策赋能共振，全球化发展机遇凸显。 （1）政策支持持续完善，创新药出海迈入曙光期。研发端层面，国内药 品审评门槛稳步抬升，行业整体研发能力持续强化。审评端层面，效率提 升+数量扩容，创新药上市进程加速。支付端层面，医保基金向创新药倾 斜，定价机制更趋公允合理。创新药定价体系更趋公允，价值导向特征凸 显。医保谈判底价测算建立多维度价值评估体系，对创新程度高、患者获 益大的"真创新"药品给予更高经济性阈值与价格溢价，同时通过优化测 算方法，保障同代际、同类别药品价格公允性及不同代际药品价格合理性， 实现创新价值与理性价格的有机统一。 （2）估值处于底部区间，创新药具备系统性反弹基础。医药行业历经充 分估值消化，已进入中长期布局区间，创新药板块具备系统性反弹支撑。 License-out 浪潮延续，国产新药全球价值持续兑现。License-in 逐步降温、 License-out 稳步增长，交易结构持续优化。国内创新 ...

Group 1: Market Overview and Strategy - The report emphasizes the importance of actively participating in market breakthroughs and focusing on performance pricing cues, particularly in sectors like consumer goods, precious metals, and engineering machinery [2] - In June, despite increased geopolitical tensions, risk appetite improved overall, leading to a recovery in equity assets, with major indices in A-shares experiencing upward breakthroughs [2] - The report suggests increasing trading positions to capitalize on strong breakout directions while prioritizing performance certainty in investment allocations [2] Group 2: Financial Engineering and Investment Value - The report discusses the use of DeepSeek to assist fund managers in reducing tracking errors relative to benchmarks, highlighting its capabilities in strategy implementation and code generation [3][4] - The analysis of the 华夏中证生物科技主题 ETF indicates that the demand for innovative drugs is driven by structural upgrades and policy support, with a significant increase in the number of innovative drugs included in the national medical insurance directory [6][7] - The 中证生物科技主题指数 reflects the overall performance of biotechnology stocks, with a focus on sectors like biopharmaceuticals and medical devices, indicating a high concentration of leading companies [8] Group 3: Company-Specific Insights - The report on 容知日新 (688768.SH) highlights its strong gross margin above 60% and net margin near 20%, driven by predictive maintenance solutions that align with industry trends [12] - Revenue projections for 容知日新 are set at 7.91 billion, 10.23 billion, and 12.88 billion CNY for 2025-2027, with corresponding net profits of 1.44 billion, 1.94 billion, and 2.56 billion CNY, indicating robust growth potential [12] - The report on the domestic optical module market suggests that companies like 华工科技 and 中际旭创 are well-positioned to benefit from high demand and supply shortages in the optical communication sector [16] Group 4: Emerging Trends and Innovations - The report notes that the pain relief market is evolving with a shift towards non-opioid medications, driven by innovations in pain management mechanisms [16] - The entry of Robinhood into the tokenized U.S. stock market is expected to accelerate the development of this sector, potentially leading to significant regulatory advancements [14][15] - The analysis of the biotechnology sector indicates a strong long-term growth outlook due to aging demographics and increasing healthcare spending, with innovative drugs gaining traction in the market [7][8]